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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2018
Real Estate [Abstract] |
Gross Carrying Value Of Operating Properties | As of June 30, 2018 and December 31, 2017, the gross carrying value of the operating properties was as follows (in thousands):
| June 30, |  |  | December 31, |
| 2018 |  |  | 2017 |
Land | $ | 497,517 |  |  | $ | 492,197 |
Building and improvements |  | 2,911,910 |  |  |  | 2,896,113 |
Tenant improvements |  | 455,202 |  |  |  | 444,038 |
Total | $ | 3,864,629 |  |  | $ | 3,832,348 |
Schedule of Purchase Price Allocation | The acquisition value has been allocated as follows (in thousands):
|  | January 5, 2018 |
Building, land and improvements |  | $ | 20,734 |
Intangible assets acquired (a) |  |  | 3,144 |
Below market lease liabilities assumed (b) |  |  | (182 | )
Total unencumbered acquisition value |  | $ | 23,696 |
Mortgage debt assumed - at fair value (c) |  |  | (9,940 | )
Total encumbered acquisition value |  | $ | 13,756 |
Total unencumbered acquisition value |  |  | 23,696 |
Mortgage debt assumed - at fair value (c) |  |  | (9,940 | )
Investment in unconsolidated real estate ventures |  |  | (3,502 | )
Net working capital assumed |  |  | 1,379 |
Gain on real estate venture transactions |  | $ | 11,633 |
(a)Weighted average amortization period of 4.1 years. (b)Weighted average amortization period of 4.8 years. (c)The outstanding principal balance on mortgage debt assumed at January 5, 2018 was $9.7 million.
Dispositions | The Company sold the following office property during the six-month period ended June 30, 2018 (dollars in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Type |  | Number of Properties |  | Rentable Square Feet |  |  | Sales Price |  |  | Net Proceeds on Sale |  |  | Loss on Sale |  |
June 21, 2018 |  | 20 East Clementon Road |  | Gibbsboro, NJ |  | Office |  | 1 |  |  | 38,260 |  |  | $ | 2,000 |  |  | $ | 1,850 |  |  | $ | (35 | ) |
Total Dispositions |  |  |  |  |  |  |  | 1 |  |  | 38,260 |  |  | $ | 2,000 |  |  | $ | 1,850 |  |  | $ | (35 | ) |
The Company sold the following land parcels during the six-month period ended June 30, 2018 (dollars in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Parcels |  |  | Acres |  |  | Sales Price |  |  | Net Proceeds on Sale |  |  | Gain on Sale |  |
March 16, 2018 |  | Garza Ranch - Office |  | Austin, TX |  |  | 1 |  |  |  | 6.6 |  |  | $ | 14,571 |  |  | $ | 14,509 |  |  | $ | 1,424 |  | (a)
January 10, 2018 |  | Westpark Land |  | Durham, NC |  |  | 1 |  |  |  | 13.1 |  |  |  | 485 |  |  |  | 412 |  |  |  | 22 |  |
Total Dispositions |  |  |  |  |  |  | 2 |  |  |  | 19.7 |  |  | $ | 15,056 |  |  | $ | 14,921 |  |  | $ | 1,446 |  |
(a) | As of March 31, 2018, the Company had not transferred control to the buyer of this land parcel, or two other parcels at this site which were sold during 2017, because of a completion guarantee which required the Company, as developer, to complete certain infrastructure improvements on behalf of the buyers of the land parcels. The cash received at settlement was recorded as “Deferred income, gains and rent” on the Company’s consolidated balance sheets. During the three months ended June 30, 2018, the infrastructure improvements were substantially completed, at which time the Company transferred control of the land parcels. As a result, the Company then recognized the sale of the land parcels. See Note 2, “Basis of Presentation,” for further discussion of the infrastructure improvements and related revenue recognition.

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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